Credit increase, time

[Anonymous]

i have 10 months credit history.  I would like to know what credit score I can expect on near feature.   

For example, can I expect 750 Fico on 12 months credit history or this is impossible?   What max credit score I can expect on 12, 18, 24 months? 720 or 780???    What's max limits on these time frames?   So I guess someone with 5 years credit history can reach more highly credit score than someone with 1 year credit history with other equal factors.  

[Anonymous]

What was your max credit score when you had  12/18/24 months credit history?

[Anonymous]

While the age of your credit lines does play into your score there are a lot of other factors such as utilization, late and on time payments, defaults, bankruptcy, credit limits, types of credit lines, ETC. Without the full picture the community wouldnt be able to tell you even a guess. Could you provide a little more info into what your credit profile looks like?

[Pway]

It really depends on how you treat your credit during this time and futher down the line.  Applying for too many accounts, inquiries, AAOA and utilization are all key factors.  It is really hard to say what kind of score you would have.  If you do everything right I can guess that you should be around the 700 range.  I'm sure other will chime in as well on their opinion.

[JagerBombs89]

Just checked my stats from a few years ago and I was at 705 at 30 months credit history, 1yr AAoA, and 10% utilization. Of course, this was on EQ04 and not the EQ08 that is being widely used today.

Out of curiosity, what is your score right now?

[Anonymous]

It depends. I am a little ahead of you with 14 months history since I moved to the US, my score is currently 736. It could have been higher but I decided to open several accounts early so I took a hit on inquiries. I think that is costing me about 20 points. I am on with that because they will age off my report soon.

If you opened two accounts and made payments monthly for a year you might get to 750. For sure 740. But then you would have only two accounts and your next app would hurt.

I decided to open more accounts and as a result took that hit, it will take me until month 15 or so to hit 750 but then I will have a stronger history after that.

I think realistically you need just over a year since you need your initial HP's to age off which they will do one year later. So 12 months is aggressive but by 16 months should be no problem.

[takeshi74]

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@Anonymous wrote:

i have 10 months credit history.  I would like to know what credit score I can expect on near feature.   

For example, can I expect 750 Fico on 12 months credit history or this is impossible?   What max credit score I can expect on 12, 18, 24 months? 720 or 780???    What's max limits on these time frames? 

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It's difficult to give a score or limit for reasons stated above.  Limits aren't just a matter of score and can vary by creditor as different creditors will be comfortable extending different amounts of credit even for a given credit profile.

Building/rebuilding  is a long, slow process so set realistic expectations.  10 and 12 months are no time at all.  Even 18 and 24 months are still very young profiles.

Why are you looking for a 750?  Keep in mind that you don't have just one score.  For one thing there are a number of different FICO models used by creditors.  For another, you typically have a score with each of the 3 major CRA's for most models.

[Anonymous]

I have now 650-680 Fico, 15 accounts, most opened 2-3 months ago.  Util 12%.  

I had 705 TU Fico month ago and it was my highest score.  But few days ago my TU dropped to 650 and now it's my lowest score.  I don't understand why it happens. 

[damac2004]

does having open accounts that you don't carry balances on help you when they average the age of all your credit accounts?  im in the same boat i guess and have been making purchases on all of them and leaving balances so i can make payments thinking actual payment history would matter.

[Anonymous]

Yes, I think it helps with AAoA.  Better open few accounts early than later.  But I don't understand why my TU score dropped so.